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An Insider's Guide to North San Diego County's Coastal Real Estate
Jim Klinge, broker-associate
858-997-3801
klingerealty@gmail.com
Compass
617 Saxony Place, Suite 101
Encinitas, CA 92024
Klinge Realty
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Are you looking for an experienced agent to help you buy or sell a home? Contact Jim the Realtor!

Jim Klinge
Cell/Text: (858) 997-3801
klingerealty@gmail.com
701 Palomar Airport Road, Suite 300
Carlsbad, CA 92011


Category Archive: ‘REOs’

Stucco Valley

A good example of today’s market conditions. At first, you would think a bank-owned house in the prime Derby Hill community in Carmel Valley would garner a lot of attention, and sell quickly. But this one isn’t tricked out with extras, and it’s not a canyon lot either.

Like most sellers, they added a little mustard to their list price – but they were on the market for 55 days before finding the buyer:

Posted by on Oct 26, 2018 in Bubbleinfo TV, Carmel Valley, Jim's Take on the Market, Market Buzz, REOs | 0 comments

Oceanside Beach Bank-Owned

A rare Bubbleinfo TV trip to the beach area west of Coast Highway in Oceanside to see this very unique custom home that is a three-time loser – it was foreclosed in 1994, 2007, and February, 2017.

A buyer paid $1,500,000 for it in 2005, got foreclosed, then purchased from the bank for $1,012,500 in 2007.

The latest bank had it on the market during the spring selling season last year, but no takers.  Their last list price was $934,900:

We should see it back on the market again this year!

Posted by on Jan 9, 2018 in Jim's Take on the Market, REO Pre-Listings, REOs, REOs Coming to Market | 0 comments

Happy Blog Anniversary!

September 24, 2017 is the 12th anniversary of this blog!  For a little perspective on where we’ve been, here is my most-watched YouTube.

This house originally sold for $927,500 when new in 2005.

I sold it for $485,000 in April, 2009 which was the low point of the San Diego market, as judged by our Case-Shiller Index.  This year there have been sales on the street in the mid-$800,000s!

Thanks for being here all these years!

Posted by on Sep 23, 2017 in About the author, Bubbleinfo TV, Jim's Take on the Market, REOs | 6 comments

Expiring Loan Mods

An employee of the Bank of America recently told me that they are not extending any of the loan modifications that have been issued over the years, to which I chuckled.

“What are they going to do, foreclose?”

“Yes” was the response, which got a chortle out of me.  After all the taxpayer support and bending of the foreclosure rules, now you’re going to tell people to start making their payments…or else?

Lo and behold, it looks like it, at least for this one example:

This was the house mentioned HERE that had been in foreclosure since 2011.  Yesterday, the lender finally foreclosed on the ‘homeowner’ who probably wasn’t making many, if any, payments over the last six years.

Up until now the properties being foreclosed were those that had sufficient equity where the lenders weren’t taking much of a loss.  It was good to see the opening bid here come out well below what was owned – though it was all interest accrued from non-payment.

No takers at the trustee sale though, in spite of Property Radar’s guesstimate of value was over $1,600,000, which was way off.

I can’t imagine there being a flood of these after all we’ve been through, and you can bet the eventual list prices of these will be full retail.

But it’s good to see the deadbeats getting challenged.

Posted by on Jul 8, 2017 in Foreclosures, Jim's Take on the Market, No-Foreclosure as Banking Policy, REOs | 2 comments

San Diego County Tax Sale

An online auction to sell real estate? Maybe it will catch on!

Gone are the days of the quick talking auctioneer, paddles and shouted bids. Today, San Diego County Treasurer-Tax Collector Dan McAllister announced he is moving the annual property tax sale auction online.

“With this new system, people sitting at home can browse and bid on more than 1,600 properties currently available, including timeshares starting at $900,” said McAllister. “The online auction aligns with our ‘e-nitiative’ to make it easier and more efficient to do all business with us electronically.”

The online tax sale auction will take place May 5-10. Interested buyers can register as a bidder beginning April 5, and registration will end April 27. Bidders must put up a $1,000 advance and a nonrefundable $35 bid processing fee.

“Moving this tax sale online will cut our operation costs compared to a live auction,” said McAllister. “We also hope to sell more properties as we open the auction up to bidders outside the San Diego region – even around the world.”

All sales are final, so this is a buyer beware sale. Before April, the Treasurer-Tax Collector’s Office (TTC) encourages everyone to research the selection of available properties by clicking here.

Right now, there are about 1,600 parcels available, roughly four times the number we have put up for auction in previous years. The majority – 1,231 – are timeshares, many with minimum bids as low as $900.

The remaining 393 parcels are improved and unimproved properties, 39 of which have owners living in them. Owners of the for-sale properties can redeem them by paying owed taxes and fees until 5 p.m. on May 4. Over the past five years, TTC notices and late bills to these owners have not been responded to. In early April, each of the properties will be personally contacted by TTC staff who will warn them of the impending sale.

The TTC has not held a tax sale auction since 2015, and on average, sales have generated more than $1.1 million each year.

http://www.sdtreastax.com/content/ttc/en/press-releases/Tax-Sale-Auction-Moves-Online.html.html

Posted by on Apr 5, 2017 in Auctions, Jim's Take on the Market, Local Government, REOs, REOs Coming to Market | 2 comments

Jim TV

Just one more rerun before Kayla introduces our new listing tomorrow night.

This is the 7th most-watched video on Bubbleinfo TV, and is a greatest-hits tour through the REO-listing days.  In April, 2008, the Bank of America had dumped twenty of their REOs in my lap, and over the next 12 months the JtR foreclosure extravaganza ensued.

A month after this video premiered here on the blog (March, 2009), I was on the front page of the L.A. Times, which led to the spot on ABC News Nightline:

Posted by on May 10, 2016 in Bubbleinfo TV, Foreclosures, Foreclosures/REOs, Jim TV, Jim's Take on the Market, REOs, REOs for sale | 0 comments

Golf Courses in Transition

golf

A story with great examples of golf courses being closed across the country, and many being turned into real estate developments.

From the nytimes.com:

BOCA RATON, Fla. — Weeds, crabgrass and fallen palm fronds cover the wildly overgrown greens of what was once the Mizner Trail Golf Club, its decrepit state emblematic of the fate of hundreds of golf courses around the country, many of them derisively known as “rabbit patches” or “goat farms.”

A short drive away, however, perspiring construction workers in yellow vests swarmed on a recent afternoon over the emerging structure of a 150,000-square-foot activities center, part of a $50 million renovation of the 44-year-old Boca West Country Club, home to some 6,000 residents, where fairways are newly planted and houses sell for as much as $5 million.

With the winter golf season beginning in Florida — the nation’s leader in golf courses with more than 1,000 — the extremes of failure and success point to a nationwide upheaval in the sport. It was booming when players like Tiger Woods reigned, but has since been roiled by changing tastes and economics, an aging population of players, and the vagaries of the millennial generation’s evolving pastimes.

There are about four million fewer players in the United States than there were a decade ago, according to the National Golf Foundation. Almost 650 18-hole golf courses have closed since 2006, the group says. In 2013 alone, 158 golf courses closed and just 14 opened, the eighth consecutive year that closures outpaced openings. Between 130 and 160 courses are closing every 12 months, a trend that the foundation predicts will continue “for the next few years.”

Dozens of private and public golf courses here in South Florida, and hundreds around the country, are in transition. Some courses have sought bankruptcy protection, while others have slipped into foreclosure. Many are under construction, with single-family homes and condominiums going up on land once dotted only with pin flags, sand traps and water hazards. Others have gone to seed as they await resolution of legal and zoning disputes.

Read full article here:

http://www.nytimes.com/2015/11/25/realestate/commercial/fewer-golfers-but-some-lush-courses-are-booming.html

Posted by on Dec 16, 2015 in Builders, Jim's Take on the Market, Real Estate Investing, REOs | 1 comment

NSDCC Foreclosed Properties

dogwood

For those wondering if there will ever be any more bank-owned properties for sale, here is the list of 38 houses between La Jolla and Carlsbad that are owned by lenders, or 3rd parties who purchased them at the trustee sale:

NSDCC Foreclosed Properties July 2015

A few are listed for sale, and others are still waiting for occupants to vacate or lawsuits to be settled.  This Bressi Ranch home was foreclosed in April, 2014, and just hit the open market last week at what most would consider to be pretty close to retail price:

LINK HERE

The former owners had worked the system – they had been in default since 2008, and endured four different trustee-sale dates before finally giving up the ship.  In the meantime, the lender probably did everything they could to modify the loans?

I don’t think anybody has to worry about getting foreclosed unless they have significant equity.

Posted by on Jul 27, 2015 in Foreclosures/REOs, Jim's Take on the Market, REOs, REOs Coming to Market | 3 comments

REO-Auction Contest Results

My high school baseball coach used to say,

“I don’t believe anything I hear, and only half of what I see!”

In our latest contest, readers submitted their guess at the highest bid + 5% buyer’s premium for this property in SE Carlsbad:

http://www.bubbleinfo.com/2014/06/03/carlsbad-reo-contest-2/

lamaca4

The auction included an outrageous set of conditions, which many thought would drive down the price to compensate.  They included:

  1. The 5% buyer’s premium tacked onto the highest bid.
  2. No showings.
  3. Tenant-occupied, and buyer was responsible for evicting.
  4. Cash only.
  5. No buyer’s agent commission paid.
  6. Not in the MLS.
  7. 5% deposit required upon winning.
  8. Reserve price.

They conducted the auction online, which gave participants the convenience of bidding from their couch at home. It should have allowed bidders the chance to double-check the comps as the auction wore on – because every time a new bid was made, they extended the ending by 1-2 minutes.

Those checking the comps would have seen that in the heat of the frenzy last year, three of this identical model sold for $638,000, $653,000 and $679,000.  Then in October this sale with nice view closed for $705,500, which was the highest price since May, 2007:

http://www.sdlookup.com/MLS-130050274-2704_La_Duela_Ln_Carlsbad_CA_92009

The bank foreclosed in 2011, and nobody wanted it then for $459,088.  The opening bid this week was $325,000, and once the auction started the initial bid increment was $25,000.

Most of our readers guessed it would sell in the $400,000s, which would be an adequate buffer to evict and remodel.

Look what happened today:

lamaca42

AND IT DIDN’T HIT THE RESERVE PRICE!!!!!!

Somebody was willing to pay almost $200,000 more than the bank didn’t get in 2011, and that wasn’t enough to reach the reserve price?  Hopefully the bank will come to their senses and reconsider before that bidder changes their mind.  Counting the 5% buyer’s premium, the highest bid was $678,038!

Our closest and winning guess was $568,050, and submitted by blucore – congratulations!

Posted by on Jun 9, 2014 in Auctions, Contests, REOs, REOs for sale, Unbelieveable | 15 comments

SD Flips

The MLS shows that 11% of the 1Q14 residential sales in SD County were REO and short sales, and this article shows 7.1% flips (hat tip to SD Squatter):

Realty Trac, the nation’s leading source for comprehensive housing data, today released its Q1 2014 U.S. Home Flipping Report, which shows 3.7 percent of all U.S. single family home sales were flips — where a home is purchased and subsequently sold again within six months — in the first quarter of 2014, down from 4.1 percent in the fourth quarter of 2013 and down from 6.5 percent in the first quarter of 2013.

Among metro areas with a population of at least 1 million and at least 25 single family homes flipped in the first quarter, those with the highest share of flips in the first quarter were New York (10.2 percent), Jacksonville, Fla., (10.0 percent), San Diego (7.1 percent), Las Vegas (6.7 percent) and Miami (5.9 percent).

Eighty-two percent of all properties flipped in the first quarter were sold to owner-occupants; 18 percent to buyers with a different mailing address than the property.  Forty-three percent of all properties flipped in the first quarter were all-cash sales to the new buyer.

http://www.realtytrac.com/content/foreclosure-market-report/q1-2014-us-home-flipping-report-8047

home_flipping_price_ranges

Posted by on May 2, 2014 in Flips, REOs, Short Sales | 0 comments